REUTERS: U.S. stocks rose on Wednesday, with the S&P 500 closing above 3,000 for the first time since March 5, as the further easing of lockdowns lifted optimism for an economic recovery.
Continued easing of lockdowns, optimism about an eventual COVID-19 vaccine and massive U.S. stimulus have been driving the market's recent gains. "The rally will continue, but I don't think it will continue without pullbacks," he said, noting that weak second-quarter earnings could give investors a"reality check."Tech-related shares underperformed the broader market on Wednesday after leading the recent rally.
Tech stock are among the most sensitive to Chinese growth, said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute in St. Louis.